September 30th Required Minimum Distributions

September 30th Required Minimum Distributions

by Richard C. Wilson & Family Offices Group Association Team

Family Office Definition: September 30th Required Minimum Distributions

September 30th Required Minimum Distributions definition:  When a retirement account has multiple beneficiaries, the oldest beneficiary’s age is used to calculate life expectancy required minimum distributions. However IRS rules state that when any beneficiaries take a full distribution by September 30th in the year following the year of death, their age is not considered in calculating life expectancy distributions.  When a charity is one of the multiple beneficiaries, the charity can be encouraged to take a full distribution by September 30th to not interfere with stretch provisions for other beneficiaries.  In another example, a spouse whose age is much older than other beneficiaries (children) can take a full distribution by September 20th to not interfere with stretch provisions for other beneficiaries.

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